The investment marks the firm's expansion into Web3 gaming. Phoenix Group, a crypto mining and blockchain company based in the UAE, has acquired 12.5% of Rekt Studios, which specializes in Web3 games and entertainment. Investing through Phoenix INV Holdings, the company's fully owned subsidiary, is a strategic move for the Abu Dhabi-listed company to expand beyond cryptocurrency mining. The value of the transaction was not disclosed by Phoenix Group. According to its LinkedIn profile, Rekt Studios creates highly immersive and interactive Web3 games, experiences, and virtual environments. Founder and CEO of Rekt Studios, Elie Rizk, expects the venture to revolutionize the gaming industry and allow gamers to own, manage, and monetize their gaming experiences. #uae #dubai #abudhabi #fintech #finance #finances #virtualasset #crypto #blockchain #games #web3 #crypto #mining Source - Zawya
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